Foreigners are not allowed to own land. Even citizens are not allowed to own land. In Vietnam, land is theoretically the collective property of the people, but is regulated by the state. Foreigners residing in Vietnam are allowed to buy residential houses.
They can own a house, but not the land on which it is built. They have the option of leasing the land from the state. The law on land ownership in Vietnam applies to all types of real estate. A foreign owner can buy a flat, a house, a villa or a plot of land.
They can buy an unlimited number of properties in the country. However, currently a foreigner cannot buy more than 250 houses in one district. In general, I can say that living in Vietnam is remarkably cheap compared to other countries in the region and the world. Buying property in Vietnam is a great investment for foreigners and individuals, but the process can sometimes be daunting.
In addition, Vietnamese housing laws only allow foreigners to own up to 30 er flats in a project. Savills Vietnam was among the first real estate agencies to take advantage of this, setting up an international sales division that actively promotes Vietnamese properties in these key markets in cooperation with Savills’ regional offices. For example, Chesterton sells 38-year leases for the Parkland building, which has been in place for 12 years (the maximum lease term under Vietnamese law is 50 years). Vietnam has a Land Use Rights (LUR) law that mitigates risks for foreign investors in Vietnam.
Savills Vietnam has seen strong interest and real demand from foreign buyers based in Singapore and Hong Kong. The name comes from the pink colour of the shell, and the Vietnamese like to call it that for convenience. Foreigners can buy houses, but they are not allowed to own the land as in many other Southeast Asian countries. In Vietnam, the certificate of land use rights, ownership of houses and other assets associated with the land is commonly called the “Pink Book”.
They can buy land to house their employees, but they cannot use it for rent or other purposes. Last year, the number of international visitors to Vietnam increased by 26% and the domestic market by 9%. However, thanks to its prime location at one of Vietnam’s main transport hubs and its many amenities, the ibis Saigon Airport is undoubtedly a go-to destination for all travellers heading to Ho Chi Minh City. This is likely due to China’s rising production costs and the trade war with the United States, but more importantly Vietnam’s 2.9 economic growth rate, which is better than any other economy in Asia, good governance, political stability, transparency and ease of doing business.
Before you can buy property in Vietnam, it is essential that you obtain a certificate of ownership from the government.